Three-bedder at Sommerville Park reaps $2.76 mil profit
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The sale of a three-bedroom unit at Sommerville Park, a freehold development on Farrer Drive, was the most profitable resale deal from Nov 11 to 18. The 1,948 sq ft unit on the fourth floor changed hands for $4.2 million ($2,156 psf) on Nov 14. Caveats lodged with URA show that the unit last transacted in September 1995 for $1.44 million ($737 psf). This means the seller netted a profit of $2.76 million on the deal, which translates to a capital gain of 192.5% and an annualised gain of 3.6% over a holding period of more than 30 years.
This marks the second most profitable condo resale transaction Somerville Park has seen to date. The record profit came from the sale of a 1,948 sq ft, three-bedroom unit for $3.95 million ($2,027 psf) in July 2024. The seller, who bought the unit in April 2006 for about $1.16 million ($595 psf), reaped a gain of $2.79 million after holding the unit for over 18 years.
A 1,948 sq ft unit at Sommerville Park was sold for $4.2 million ($2,156 psf) on Nov 14, netting a gain of $2.76 million (Photo: EdgeProp Singapore)
Sommerville Park, completed in 1985, has 396 condo units alongside 57 strata landed houses. Condo units are housed in four residential towers, comprising a mix of one- to three-bedroom units, while the landed residences include townhouses and two-storey maisonettes.
To date, the development has seen 14 other resale transactions this year, 11 of which were profitable deals. The units, measuring between 463 sq ft and 2,508 sq ft, were sold at gains of between $130,000 and $2.74 million.
The Imperial saw the second most profitable resale deal this week with the sale of a 1,464 sq ft, three-bedroom unit for $3.83 million ($2,615 psf) on Nov 17. The seller had bought the unit from the developer in September 2003 for $1.3 million ($891 psf). As a result, the seller netted a gain of $2.52 million (193.5%) after owning the unit for more than 22 years. This reflects an annualised profit of 5%.
Completed in 2006, The Imperial is a freehold development located on Jalan Rumbia near Fort Canning Park in prime District 9. The development features five residential blocks, which house 187 units comprising a mix of two-, three- and four-bedroom apartments ranging from 980 sq ft to 3,918 sq ft. It is within walking distance of Fort Canning MRT Station on the Downtown Line and the Dhoby Ghaut Interchange, offering access to the North–South, North–East and Circle Lines.
A 1,464 sq ft unit at The Imperial fetched $3.83 million ($2,615 psf) on Nov 17, netting a $2.52 million gain (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The Nov 17 transaction yielded the fifth-highest profit recorded at The Imperial so far. The record profit logged at the development came from the sale of a four-bedroom duplex penthouse for $8.15 million on Nov 7. The seller, who bought the unit for $2.73 million ($780 psf) in September 2003, walked away with a profit of $5.42 million (198.7%).
On the other hand, the sale of a three-bedroom unit at Marina Collection was the most unprofitable condo resale transaction during the period in review. The 1,873 sq ft unit on the third floor changed hands for $3 million ($1,606 psf) on Nov 18. The unit last changed hands in January 2008 for $4.99 million ($2,663 psf), which means the seller incurred a loss of $1.98 million (39.7%) after owning the unit for almost 18 years.
Marina Collection is a 99-year leasehold condo located in the exclusive Sentosa Cove enclave. Completed in 2011, the 124-unit project comprises three four-storey blocks with three- to five-bedroom units ranging from 1,873 sq ft to 4,725 sq ft.
The 1,873 sq ft unit at Marina Collection changed hands for $3 million ($1,606 psf) on Nov 18, incurring a loss of $1.98 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The development has recorded two other transactions this year to date, both of which were unprofitable. The losses ranged from $2.1 million from the sale of a 1,873 sq ft unit on Oct 13, to $3.68 million, which came from the sale of a 3,272 sq ft unit on July 4.
Based on resale caveats compiled by EdgeProp Singapore, the most unprofitable deal at Marina Collection to date came from the sale of a 3,272 sq ft unit for $4.65 million ($1,421 psf) in April 2023. The unit was previously purchased for $9.3 million ($2,841 psf) in March 2008, resulting in the seller suffering a record loss of $4.65 million (50%) after holding the unit for over 15 years.
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